Y'all got tricked by focusing on the wires and fiat currency path. The TOS make it clear that's all play money. Only digital assets appear to be protected by TOS. Coffeezilla managed to lock him down on that by using the correct terminology and asset classes, but most of the interviewers did not.
Based on the TOS customers agree to, it's not clear to me there was ever any agreement Alemeda couldn't bet the farm using customer fiat as collateral. Digital Assets appear to only apply to non-fiat digital assets -- the TOS seperately defined fiat balance as 'e-money' with significantly weaker as far as I can tell protections.
That is to pin him on fraud it may be necessary to show those that delivered crypto outside of the margin / borrowing TOS had their money stolen. I think Coffeezilla got him to admit this, but even then I think he may have weasled out of it by only talking about dollars which don't appear to be protected by the contract. He is crafting a very carefully executed story where he tricks you into thinking you have a 'gotcha' but all he did was admit to stuff customers agreed to in TOS; and thus you see the real intelligence of SBF as a master of redirection shining.